The video-sharing platform YouTube has made headlines by allowing creators in the United States to receive payments in PayPal’s stablecoin, PYUSD.
According to a report from Fortune, May Zabaneh, PayPal’s head of crypto, confirmed that this feature is currently active only for US users. Earlier this year, PayPal facilitated the option for recipients to accept payments in PYUSD, and YouTube later decided to extend this option to its creators.
“The beauty of what we’ve built is that YouTube doesn’t have to touch crypto and so we can help take away that complexity,” Zabaneh stated.
PayPal has maintained a significant partnership with YouTube, enabling users to pay through its services for many years, including for creator AdSense payouts.
YouTube’s move towards crypto payment methods comes after a past of limiting visibility for crypto-related content. This shift could signal a new era of stablecoin adoption, especially considering the enormous reach of YouTube in the digital ecosystem.
The stablecoin sector has seen dramatic growth in recent times, with numerous businesses, institutions, and even governments looking to incorporate these assets into traditional finance methods. PYUSD, introduced in mid-2023, currently boasts a market cap of approximately $3.9 billion as per CoinGecko, skyrocketing from $500 million at the beginning of the year.
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The rise in PYUSD’s market cap has accelerated since September, when it was valued at around $1 billion, partly due to its integration with lending markets and stablecoin blockchain projects.
